SOP 12-1 Reporting Pursuant to the Global Investment Performance Standards

Introduction and Background 1

Scope 2

Overview of the GIPS Standards 3

Compliance With the GIPS Standards 3

Verification 4

Performance Examination 4

Verification and Performance Examination Engagements 5

Engagement Objectives 5

Planning the Engagement 5

Establishing an Understanding With the Client 6

Obtaining Sufficient Evidence 6

Representation Letter 9

Reporting 10

Other Information 12

Effective Date 13

Appendix A–Example Engagement Letter—Verification and Performance Examination 14

Appendix B–Example Representation Letter 17

Appendix C–Illustrative Attest Report: Verification (Reporting Directly on the Subject Matter) 20

Appendix D–Illustrative Attest Reports: Verification and Performance Examination (Reporting Directly on the Subject Matter) 22

Example 1: Verification and Performance Examination Report 22

Example 1A: Illustrative GIPS-Compliant Presentation for Report Example 1 24

Example 2: Performance Examination Report With a Reference to a Separate Verification Report 27

Appendix E–Illustrative Attest Report: Successor Practitioner Report–Verification and Performance Examination 29

Reporting Directly on the Subject Matter (Verification and Performance Examination Report) in Successor Practitioner’s Report When the Predecessor Verifier’s Report Is Not Presented 29